{
  "ticker": {
    "uuid": "7b5a7754-b54e-4c27-a431-8264d2c6c99c",
    "symbol": "HCAN",
    "name": "HSBC MSCI Canada UCITS ETF",
    "exchange": "PAR",
    "country": "FR",
    "assetType": "etf"
  },
  "methodBoundary": "Trend Architecture is a weekly structural classification, not a forecast, probability of return, recommendation or execution signal. Confidence measures geometric agreement and external confirmation only.",
  "analysis": {
    "eligible": true,
    "as_of": "2026-08-07",
    "benchmark": "^FCHI",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 96.0,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 85.77,
    "architecture_energy": 81.158,
    "architecture_maturity": 37.662,
    "architecture_confidence": 74.862,
    "architecture_tenure": "Established",
    "architecture": {
      "interpretation": {
        "headline": "The weekly architecture is expanding upward.",
        "body": "Trend and Activity show sustained positive alignment with constructive price acceptance. Directional energy remains positive; cooling within this regime can indicate that it is maturing."
      },
      "scores": {
        "balance": 10.47,
        "rotation_up": 75.12,
        "upward_expansion": 89.53,
        "deceleration": 50.43,
        "rotation_down": 14.32,
        "downward_expansion": 16.2
      },
      "activity_lines": [
        31.317486,
        31.051898,
        30.645474,
        30.222284
      ],
      "activity_state": "Wide",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 0.666667
    },
    "latest_close": 31.766001,
    "trend_reference": 29.666285,
    "distance_from_trend": 0.070778,
    "trend_direction": "Improving",
    "fair_value": 23.39421,
    "distance_from_fair_value": 0.357857,
    "fair_value_direction": "Improving",
    "relative_strength": 5.116195,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.140529,
    "excess_performance": 0.087217,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.070778,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.044762,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.357857,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.027422,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.051162,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.055003,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.140529,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.001407,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 25015,
      "relative_activity": 2.843324,
      "balance": 1.001407,
      "dry_up": 1.302684,
      "accumulation_observations": 2,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.014725,
      "annualized_volatility": 0.104659,
      "from_high_reference": -0.001069,
      "from_low_reference": 0.317601
    },
    "levels": {
      "trend_reference": 29.666285,
      "fair_value_reference": 23.39421,
      "structural_low": 27.594999,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 39,
        "median_return": 0.01205,
        "positive_rate": 0.74359,
        "directional_follow_through": 0.74359,
        "median_excess_return": 0.009533,
        "regime_survival": 0.794872,
        "best_return": 0.085871,
        "worst_return": -0.052427,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 14,
        "median_return": 0.045295,
        "positive_rate": 0.785714,
        "directional_follow_through": 0.785714,
        "median_excess_return": 0.024982,
        "regime_survival": 0.571429,
        "best_return": 0.118665,
        "worst_return": -0.12018,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 7,
        "median_return": 0.086586,
        "positive_rate": 0.857143,
        "directional_follow_through": 0.857143,
        "median_excess_return": 0.078257,
        "regime_survival": 0.571429,
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        "worst_return": -0.048596,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
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        "regime_survival": 0.666667,
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        "worst_return": 0.083271,
        "sufficient": false
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      },
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        "regime": "deceleration",
        "label": "Deceleration",
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      {
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        "regime": "rotation_down",
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        "active": false
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        "regime": "downward_expansion",
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      {
        "regime": "balance",
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        "active": false
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      },
      {
        "date": "2026-07-03",
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      },
      {
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        "fair_value": 23.054273,
        "relative_strength": 7.846748,
        "stage": 2,
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        "gate": "up",
        "direction": 72.953132,
        "energy": 71.710927,
        "activity_lines": [
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      },
      {
        "date": "2026-07-17",
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        "volume": 12386,
        "typical_volume": 9169.5,
        "trend": 29.326507,
        "fair_value": 23.138338,
        "relative_strength": 8.930292,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 85.282253,
        "energy": 82.369638,
        "activity_lines": [
          30.821248,
          30.665354,
          30.236395,
          29.855051
        ]
      },
      {
        "date": "2026-07-24",
        "close": 31.217472,
        "volume": 6331,
        "typical_volume": 8893.95,
        "trend": 29.439019,
        "fair_value": 23.221053,
        "relative_strength": 8.134094,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 78.75173,
        "energy": 80.235283,
        "activity_lines": [
          30.991542,
          30.795204,
          30.370274,
          29.977049
        ]
      },
      {
        "date": "2026-07-31",
        "close": 31.025999,
        "volume": 2111,
        "typical_volume": 8327.15,
        "trend": 29.551833,
        "fair_value": 23.305499,
        "relative_strength": 5.43946,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 65.477367,
        "energy": 66.042285,
        "activity_lines": [
          31.043447,
          30.862306,
          30.477314,
          30.079435
        ]
      },
      {
        "date": "2026-08-07",
        "close": 31.766001,
        "volume": 25015,
        "typical_volume": 8797.8,
        "trend": 29.666285,
        "fair_value": 23.39421,
        "relative_strength": 5.116195,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 85.770418,
        "energy": 81.157758,
        "activity_lines": [
          31.317486,
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          30.222284
        ]
      }
    ],
    "method": {
      "price_basis": "completed market observations",
      "trend": "Trend provides the primary directional reference.",
      "fair_value": "Fair Value provides long-term price context and is not a forecast or target.",
      "relative_strength": "Relative Strength shows leadership or lagging performance against the market benchmark.",
      "classification": "The SM framework combines Trend, Activity, Fair Value, Relative Strength and participation into a structural read."
    }
  }
}